Roche 1st-qtr at top end of expectations

Swiss drug major Roche has reported first-quarter 2007 results which are at the top end of analysts' expectations, boosted by pharmaceutical sales which grew 18% (+ 20% in local currencies) to 9.14 billion Swiss francs ($7.54 billion), a rise which the company said is three times greater than the overall market. The news saw the firm's stock rise 2.5% to 228.60 francs in morning trading on April 18.

Group turnover was 11.4 billion francs, up 16% (+17% in local currencies on the like 2006 period. Analysts polled by Thomson Financial News had forecast the group's first-quarter sales to reach 10.58-11.44 billion francs, with the median of expectations at 11.04 billion francs. Roche does not release profit figures at this stage, but upgraded its target for earnings per share growth to "above group sales," from its previous guidance of "in line with sales growth," and for group and pharmaceutical revenues to increase at double-digit rates in local currencies for the full year.

The diagnostics division strengthened its market position with sales of 2.22 billion francs, a year-on-year rise of 6%, outpacing the global sector, said Roche.